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All the accounts have normal balances. The information below has been gathered at December 31, 2019. 1. Verne Cova Company borrowed $10,000 by signing

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All the accounts have normal balances. The information below has been gathered at December 31, 2019. 1. Verne Cova Company borrowed $10,000 by signing a 12%, one-year note on September 1, 2019. 10,000*12%*4/12=400 Dr. Interest expense 400 Cr. Interest payable 400

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